Global| Jan 31 2005New Home Sales A Record in 2004
by:Tom Moeller
|in:Economy in Brief
Summary
Sales of new single-family homes improved modestly in December to 1.098M but sales in November were revised down sharply. Consensus estimates had been for sales of 1.200M. For the full year new home sales were a record 1.178M, up 8.1% [...]
Sales of new single-family homes improved modestly in December to 1.098M but sales in November were revised down sharply. Consensus estimates had been for sales of 1.200M. For the full year new home sales were a record 1.178M, up 8.1% from 2003.
The figures from the Census Department reflect homes sold as opposed to the figures on existing home sales from the National Association of Realtors which reflect closings of sales in earlier months.
Home sales were mixed throughout the country. In the Northeast sales fell to the lowest level since July but for the year were the highest since 1998. In the South sales also fell sharply to the lowest since July yet set a record for the year, adding 6.0% to the 13.8% gain in 2003. In the Midwest sales recovered nearly all of the prior month's plunge to finish the year up 10.8% at a record level. In the West, sales in December recovered some of the prior month's plunge to finish out a record year where sales rose 11.4% y/y and were more than double the levels of the early 1990s.
The median price of a new single family home recovered more than half of the prior month's decline. Rising to $222,000 (13.3% y/y), the annual gain in new home prices was the strongest since 1987.
| Homes Sales (000s, AR) | Dec | Nov | Y/Y | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| New Single-Family | 1,098 | 1,097 | -2.0% | 1,178 | 1,089 | 976 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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